SOURCE: Greater San Diego Association of REALTORS

Greater San Diego Association of REALTORS

August 07, 2015 12:25 ET

July Home Sales Cool Off a Bit, but Are Higher Than a Year Ago, According to Greater San Diego Association of REALTORS®

Year-to-Date, Median Prices Are up 7 Percent

SAN DIEGO, CA--(Marketwired - August 07, 2015) - July homebuyers were not as plentiful as in June, but sales are still better than a year ago, according to new housing statistics from the Greater San Diego Association of REALTORS® (SDAR).

Sales of previously owned single-family homes in July were off about 11 percent compared to June, but were 12 percent higher than July of 2014. Similarly, condominiums and townhomes saw an 8 percent drop in sales in one month, but were 14 percent higher than July of last year. The median price of existing single-family homes hit $555,000 in July, an increase of nearly 2 percent month over month, while condos/townhomes dipped slightly to $341,000, a decrease of 3 percent in a month. Overall, prices of all properties are up 7 percent for the year.

Active listings on the Multiple Listing Service (MLS) are now over 7,200, but the inventory of housing stock remains stagnant at about 2.6 percent. (Five to six months is considered a healthy level.) Homes continue to be snapped up quickly, with escrows closing in an average of 35 days.

"I'm still very bullish on this housing market," said SDAR's 2015 Board President Chris Anderson. "Mortgage applications are still keeping us very busy this summer. Even if interest rates begin to rise gently later this year, I'd be optimistic that the market is stable enough to sustain it."

In July, the zip codes in San Diego County with the most single-family sales were:

  • 92009 (Carlsbad Southeast) with 65
  • 92028 (Fallbrook) with 65
  • 92057 (Oceanside North) with 64
  • 92227 (Escondido East) with 57
  • 92064 (Poway) with 56

The most expensive listing sold in the county in July was a 3-bedroom, 4-bath, 4,000-square-foot home on the coast of La Jolla, built in 2007, with a sales price of $6.6 million.

SDAR's housing statistics are compiled monthly from the Multiple Listing Service (MLS). Click here for a detailed look at the numbers. Here is a summary:

MEDIAN SALES PRICE Comparing July 2015 to June 2015 (month over month)

  • Single-Family: 2 percent INCREASE
    July 2015 = $555,000
    June 2015 = $545,000
  • Condos/Townhomes: 3 percent DECREASE
    July 2015 = $341,000
    June 2015 = $351,500

MEDIAN SALES PRICE Comparing July 2015 to July 2014 (year over year)

  • Single-Family: 9 percent INCREASE
    July 2015 = $555,000
    July 2014 = $510,000
  • Condos/Townhomes: 5 percent INCREASE
    July 2015 = $341,000
    July 2014 = $325,500

TOTAL SOLD LISTINGS Comparing July 2015 to June 2015 (month over month)

  • Single-Family: 11 percent DECREASE
    July 2015 = 2,251
    June 2015 = 2,534
  • Condos/Townhomes: 8 percent DECREASE
    July 2015 = 1,159
    June 2015 = 1,265

TOTAL SOLD LISTINGS Comparing July 2015 to July 2014 (year over year)

  • Single-Family: 12 percent INCREASE
    July 2015 = 2,251
    July 2014 = 2,006
  • Condos/Townhomes: 14 percent INCREASE
    July 2015 = 1,159
    July 2014 = 1,014

With more than 12,000 members, the Greater San Diego Association of REALTORS® is the largest trade association in the county. We help our members, who adhere to a code of ethics and professional standards, sell more homes. We also help people realize the dream of home ownership, and we are dedicated to protecting private property rights. You can follow SDAR on Facebook, Twitter and YouTube.

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